ErosSTX Files 20-F with Legacy STX Historical Financials and 6-K Clarifying Guidance; Update on Quarterly Earnings Reports
Eros STX Global Corporation (NYSE: ESGC) has announced important updates for shareholders, filing a transition 20-F report detailing legacy STX Entertainment’s financials and a form 6-K clarifying the financial guidance post-merger. The company is shifting its reporting format, opting for biannual financial results while providing trading updates in the first and third fiscal quarters. Key fiscal 2021 reporting dates include interim results in January 2021 and a trading update in March 2021. This new approach aims to align with the company's long-term management strategy.
- Implementation of a new reporting format may enhance clarity and consistency for investors.
- Expected reporting dates for FY21 financial metrics provide shareholders with a timeline for upcoming performance insights.
- No trading update will be issued for the first quarter of fiscal 2021, potentially leaving investors without current performance insights.
DOUGLAS, Isle of Man & BURBANK, Calif.--(BUSINESS WIRE)--Eros STX Global Corporation (NYSE: ESGC) (“ErosSTX”), a global entertainment company, is providing an update on three topics of interest for shareholders and investors.
Firstly, the company filed today with the SEC a transition 20-F report containing a qualitative discussion of legacy STX Entertainment (STX) as well as legacy STX historical financial statements in US GAAP.
Secondly, the company filed today with the SEC a form 6-K clarifying the company’s financial guidance issued on July 30, 2020 following the completion of the merger.
Finally, the company is modifying its financial report format. The company will report full financial results every six months (interims and full-year), and for the first and third fiscal quarters will issue a trading update on key financial and operational metrics. The company is not obligated to report quarterly financial results because it qualifies as a foreign private issuer under the Securities Act of 1933. The company believes this modification to its reporting format is more consistent with its long-term approach to managing the company, while still providing shareholders with timely information about the company’s performance.
Below is a list of the company’s fiscal 2021 financial reports and the expected reporting time frame:
- FY21 Interim Results (6-months ending September 30, 2020): January 2021
- FY21 Third Quarter Trading Update (3-months ending December 31, 2020): March 2021
- FY21 Preliminary Results (12-months ending March 30, 2021): June 2021
The company will not issue a trading update for the first quarter of fiscal 2021 given where we are in the calendar and given the priority is to complete the required regulatory and financial filings associated with the merger.
Eros STX Global Corporation:
Eros STX Global Corporation, (“ErosSTX” or “The Company”) (NYSE: ESGC) is a global entertainment company that acquires, co-produces and distributes films, digital content & music across multiple formats such as theatrical, television and OTT digital media streaming to consumers around the world. Eros International Plc changed its name to Eros STX Global Corporation pursuant to the July 2020 merger with STX Entertainment, merging two international media and entertainment groups. The combination of one of the largest Indian OTT players and premier studio with one of Hollywood’s fastest-growing independent media companies has created an entertainment powerhouse with a presence in over 150 countries. ErosSTX delivers star-driven premium feature film and episodic content across a multitude of platforms at the intersection of the world's most dynamic and fastest-growing global markets, including US, India, Middle East, Asia and China. The Company also owns the rapidly growing OTT platform Eros Now which has rights to over 12,000 films across Hindi and regional languages and had 205.8 million registered users and 33.8 million paying subscribers as of June 30th, 2020. For further information, please visit ErosSTX.com.
